EXEL INDUSTRIES : annual results hailed by Oddo BHF
'The turnaround in results is mainly attributable to higher volumes in agricultural and industrial spraying, and higher selling prices offsetting higher production costs and overheads', it explains.
Valuation remains extremely modest, reflecting a 43% discount to historical ratios and a 35% discount to comparables (for a historical discount of around 30%)", adds the analyst, who also points to a dividend increase of almost 50%.
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